BP Pays $159M For North Sea Oil Assets From Total

Law360, New York (August 31, 2012, 5:53 PM EDT) -- U.K. energy giant BP PLC has increased its investments in North Sea oil development, spending £100 million ($158.6 million) to acquire majority stakes in two oil fields and an oil processing platform in the region from Total SA, BP said Friday.

The London-based oil and gas firm invested in Total's plays in the Eastern Trough Area Project, an integrated nine-reservoir development roughly 150 miles northeast of Aberdeen, U.K., in the Central North Sea. The field is expected to hold roughly 490 million barrels of oil, 2 billion...